The market valuation currently works on the perceived "knowledge" of the likelihood of debt sustainability going forward with today's IOP. Margin comes into play significantly with a seeming IOP that has not found a bottom yet. These attachments to prepayments just "looks" risky to me BUT is far cheaper than bond yields on current debt. As long as the prepayments continues then I suppose working capital is sustainable but for how long is that advantage if IOP continues to fall?
I am not willing to bet for a reversal yet as long as the uncertainties of their debt repayment issues is not addressed in addition to the IOP floor price. No harm sitting on the fence rather jumping in for a punt. US markets are offering volatility back again so with USD strength and rate rise uncertainties.
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3 | 60132 | 18.290 |
4 | 25728 | 18.280 |
1 | 100 | 18.270 |
5 | 11679 | 18.260 |
Price($) | Vol. | No. |
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18.320 | 9260 | 4 |
18.330 | 93689 | 6 |
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18.350 | 6778 | 5 |
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